12:18 28.09.2016

Ukraine falls to 85th position in Global Competitiveness Index

2 min read
Ukraine falls to 85th position in Global Competitiveness Index

Ukraine that lost three places in the Global Competitiveness Index (GCI) published by the World Economic Forum a year ago has fallen six places more and was 85th among 138 countries.

Ukraine had low scores in the following pillars: financial market development (130th), institutions (129th), macroeconomic environment (128th), goods market efficiency (108th) and business sophistication (98th).

The World Economic Forum said that the country has the following competitive advantages: engineers and scientists (33rd), market size (47th) and innovations (52nd).

The most problematic factors for doing business in Ukraine are corruption (14% of respondents), political instability (13.2%), inflation (11.9%), inefficient government bureaucracy (11.4%), access to financing (11.2%), policy instability (8.2%), tax rates (7.3%) and tax regulation (6.8%).

Ukraine's place in 2015-2016 GCI is the worst in the past five years: 73rd in 2012 among 144 countries, 84th in 2013 among 148 countries, after Revolution of Dignity the country climbed to 76th among 144 countries and in 2015 fell to 79th among 140 countries.

Switzerland leads the ranking for the eighth consecutive year. The top five leaders are Singapore, the United States, the Netherlands and Germany.

The report features over 100 economies and provides insight into the drivers of their productivity and prosperity. The ranking takes 12 categories into account.

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